As the amount of data shared continues to double every two years, memory is a constant and increasingly needed commodity. Memory's super cycle has come to an end mid-term, but will return within the next year or so and be larger than ever before. I expect MU to drop to $30, even with it's $10bill buyback, as MU management has no incentive to pump their stock...
MU has bounced off of the bottom of it's short-term trend at $51.5 and continues it's trajectory. We could see a break up to the high $54's this week. Options expiring this week have little premium, so there's a clean way of playing this uptrend.
Traders seem to be under the impression that MU will, for whatever reason, miss earnings on September 20th, but there's no reason to suspect that at this point. I expect MU to continue it's long-term upward trend with a nice spike above $55, perhaps after earnings on the 20th.
We have been following Micron closely and waiting for wave C to complete. It has and we are positioned for big gains over the next 5-12 months.
This movement will outlast our projections for the major markets. What are the reasons for the rise, tops and drops? Our guesses align with trade, and politics.
Our full analysis is at Elliott Wave Ideas dot com.
When is it a double top versus a channel? When current price action is an incredible 1.786% extension of the AB leg and the recent tops demonstrates a negative divergence with the MACD. Breakdown from the neckline will imply a downside price target of $30, -35%.
MU H4 chart
The upward movement continues on the red support line
If it break the red and blue support lines broke, it is the place I mark the possible movement area.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I'm sorry for the impaired expression..Just watch the chart, not what I write. :)
After taking a second look at the stock thanks to ricsalrod, I noticed that it looks like the stock wants to complete a ABCDE before entering its 5. PT still in the early 70s and still looks to make a head and shoulders top and correct. Thanks for for taking the time to look.
Micron continues to ride the grey uptrend line. RSI is currently overbought, and the past shows us we should expect a pullback. However, the Bollinger bands still show some wiggle room up to $65, with heavy resistance just over $66. I will post updates when necessary.
This is not financial advice.
Questions, criticism, and other ideas always are appreciated.
Everybody left behind wants to get in this train right now. Best option is to wait after the earnings aiming at a long term holding. Remember that this stock moves in cycles and there is no guarantee it will keep climbing the rest of the year. If you need to buy it now we show the best areas to buy, the lower the optimal but maybe it won't go that low before earnings.
Micron Technology is what can be considered a value stock (P/E under 7 with large positive cashflow), even though skeptics stay away from the stock due to the cyclical nature of semiconductors (debatable in today's market situation due to high demand and industry consolidation). At the same time, the stock is in a strong upward trend on the higher timeframes,...